Ian Ackerley, a former investments director at Barclays, has been appointed as the new chief executive of the UK’s state-owned National Savings and Investments bank (NS&I).

Mr Ackerley, who takes over from former boss Jane Platt after 10 years at the helm, will be paid a salary of £180,000-£185,000 a year.

Commenting on his appointment, Mr Ackerley, who has worked at Virgin Money and Axa, said:

Like many people across the UK, I grew up with NS&I: my first savings were in Premium Bonds, which were bought for me as a child.

It is a brand I have long admired – particularly for how it has transformed itself into a 100% direct business without losing the trust and loyalty of its customers. I’m proud to be given the opportunity to lead NS&I and look forward to joining the team.

Over 25 million people have over £135 billion invested in NS&I’s savings products. In his latest Autumn Statement, new chancellor Philip Hammond announced savers would be paid 2.2 per cent rate on a new NS&I bond to protect them against rising inflation.

Simon Kirby, the economic secretary to the Treasury, said:

Ian Ackerley’s extensive experience in retail financial services and effective leadership skills make him the ideal candidate to be the next Chief Executive of NS&I.

NS&I sits at the heart of our savings sector and Ian will play a key role in shaping the next phase of NS&I’s digital transformation so that it continues to deliver for millions of savers across the UK.

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